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Ruud van Nistelrooy enjoys winning start with LeicesterNEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Results from the 2024 Travelers Risk Index highlight a concerning increase in distracted driving, with many risky behaviors surpassing pre-pandemic levels. Recently, Jessica Kearney and Ginny Brzezinski from the Travelers Institute, along with Ryan McMahon from Cambridge Mobile Telematics, partnered with D S Simon Media on a nationwide satellite media tour to discuss the dangers of distracted driving, tips to navigate the holidays, and the growing use of telematics to offer solutions. Millions of Americans will be hitting the road this holiday season, and with that comes a rise in distracted driving. While traffic fatalities decreased by 4% last year to 44,450, distracted driving remains a growing issue. According to the 2024 Travelers Risk Index, 78% of consumers believe distracted driving is worse now than a few years ago, with many drivers admitting to risky behaviors: close to 60% are reading texts or emails while driving; 26% are updating or checking social media; and 24% are taking photos or videos. Young drivers, particularly Gen Z, are especially at risk. Compared to overall averages, drivers ages 16-20 engage in some hazardous driving behaviors more frequently, like texting/emailing, scrolling and GPS navigation. Additionally, 41% of parents surveyed said they don’t feel like distracted driving is emphasized enough in drivers ed, so they are taking matters into their own hands. Here are some important tips to help prevent distracted driving: Activate the “Do Not Disturb” feature on your phone to block notifications while driving. Before starting your trip, program your GPS and review the route to avoid distractions while on the road. Consider signing up for a telematics program to promote safe driving habits beyond the holiday season. Finally, don't hesitate to speak up if you see a friend or loved one driving distracted—encourage them to focus on the road. If you're on the phone with someone who's driving, ask them to call you back once they've safely reached their destination. Telematics technology is playing a key role in promoting safer driving by collecting data from connected vehicles, IoT devices, and smartphones. It tracks behaviors such as speeding, hard braking, and distraction, and provides users with feedback to help improve their driving habits. By monitoring performance and encouraging safer choices, telematics helps drivers adopt better habits beyond the holiday season. To learn more about the Travelers Institute, visit travelersinstitute.org . To learn more about Cambridge Mobile Telematics, visit cmt.ai . About Jessica Kearney Jessica Kearney is Vice President for Public Policy at the Travelers Institute, the public policy division of Travelers. In this role, she leads corporate thought leadership initiatives on policy issues of interest to the property casualty insurance sector, as well as the financial services industry more broadly. Her portfolio has included work addressing the economy, cybersecurity, small business advocacy, auto safety, autonomous vehicles and disaster preparedness. She also serves as a member of the company’s Autonomous Vehicles and Electric Vehicles Working Groups. Kearney is co-creator, producer and guest host for the Travelers Institute’s webinar series, which seeks to help business and risk professionals navigate today’s biggest challenges in insurance, business and leadership. She leads operations and initiatives for the Travelers Institute, presents at client and industry conferences, and was named to Insurance Business America’s annual Hot 100 list for 2022. About Ginny Brzezinski Ginny Brzezinski is Assistant Vice President for Public Policy Initiatives at the Travelers Institute, the public policy division of Travelers. In this role, she works on corporate thought leadership initiatives on policy issues of interest to the property casualty insurance sector, as well as the financial services industry more broadly. Brzezinski is a producer for the Travelers Institute’s webinar series, which seeks to help business and risk professionals navigate today’s biggest challenges in insurance, business and leadership. Her portfolio also includes work on the Institute’s podcast and social media. Prior to joining Travelers, Brzezinski worked for more than a decade on Capitol Hill, including as Communications Director for the U.S. Senate Finance Committee, the U.S. Senate Government Affairs Committee and Press Secretary for U.S. Senator Bill Roth. She is the co-author of Comeback Careers, a blueprint for women looking to reinvent, reboot or reimagine careers at 40, 50 and beyond. She holds a Bachelor of Arts degree in Art History from Brown University and completed Masters studies in communications at Boston University. About Ryan McMahon Ryan McMahon is the Senior Vice President of Strategy & Corporate Development at Cambridge Mobile Telematics (CMT), the world’s largest telematics provider. Ryan joined CMT from the insurance industry where he held several leadership roles, introducing new products and insurance services to personal and commercial markets. Ryan is a member of CMT's executive team with responsibilities overseeing corporate development, government, and public affairs. Ryan holds a BA in Psychology from SUNY Potsdam and an MBA from Worcester Polytechnic University. About D S Simon Media: The firm is well known as a leader in the satellite media tour industry and produces tours from its studio and multiple control rooms at its New York headquarters. Clients include top brands in healthcare, technology, travel, financial services, consumer goods, entertainment, retail and non-profits. Established in 1986 the firm has won more than 100 industry awards. About YourUpdateTV: YourUpdateTV is a property of D S Simon Media. The video included and release was part of a media tour that was produced by D S Simon Media on behalf of the Travelers Institute. Dante Muccigrosso Director of Media Integration & Client Reporting E: dantem@dssimon.com C: 973.524.0104 A video accompanying this release is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96ea9c3b-7434-4a89-83c4-2cdbdf2ccd2b
Manchin, Sinema prevent Democrats from locking in majority on labor board through 2026 WASHINGTON (AP) — Senate Democrats failed in their bid to confirm a Democratic member of the National Labor Relations Board after the Senate rejected a razor-thin vote that hinged on the pivotal rejections of independent Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona. If the nomination had been successful, the board would have had a Democratic majority until 2026. President-elect Donald Trump will now have a chance to nominate a replacement. The NLRB is a government agency that handles labor relations and unionization in the workplace. It also has the power to investigate potential unfair labor practices, meaning its leadership is highly scrutinized by business interests and labor groups. The failed vote is another blow to Senate Democrats and outgoing President Joe Biden's agenda. Arizona AG sues Saudi firm over 'excessive' groundwater pumping, saying it's a public nuisance PHOENIX (AP) — Arizona Attorney General Kris Mayes says she is suing a Saudi Arabian agribusiness over what she calls “excessive pumping” of groundwater. She alleges that the Fondomonte alfalfa farm in western Arizona is violating a public nuisance law even though the area has no groundwater pumping regulations. Mayes said Wednesday that Fondomonte's use of groundwater threatens the public health, safety and infrastructure of local communities in rural La Paz County. It's Arizona's latest action against foreign companies that use huge amounts of groundwater to grow thirsty forage crops for export. The Associated Press emailed Fondomonte seeking a response to the lawsuit. US inflation ticked up last month as some price pressures remain persistent WASHINGTON (AP) — Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated. Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices increased 3.3%. Measured month to month, prices climbed 0.3% from October to November, the biggest such increase since April. Wednesday’s inflation figures are the final major piece of data Federal Reserve officials will consider before they meet next week to decide on interest rates. The November increase won’t likely be enough to discourage the officials from cutting their key rate by a quarter-point. Albertsons sues Kroger for failing to win approval of their proposed supermarket merger Kroger and Albertsons’ plan for the largest U.S. supermarket merger in history has crumbled. The two companies have accused each other of not doing enough to push their proposed alliance through, and Albertsons pulled out of the $24.6 billion deal on Wednesday. The bitter breakup came the day after a federal judge in Oregon and a state judge in Washington issued injunctions to block the merger, saying that combining the two grocery chains could reduce competition and harm consumers. Albertsons is now suing Kroger, seeking a $600 million termination fee, as well as billions of dollars in legal fees and lost shareholder value. Kroger says the legal claims are “baseless.” Donald Trump will ring the New York Stock Exchange bell as he's named Time's Person of the Year NEW YORK (AP) — President-elect Donald Trump is expected to ring the opening bell at the New York Stock Exchange for the first time and be named Time magazine's Person of the Year. Thursday's events will be a notable moment of twin recognitions for Trump, a born-and-bred New Yorker who has long seen praise from the business world and media as a sign of success. Four people with knowledge of his plans told The Associated Press that Trump was expected to be on Wall Street on Thursday to mark the ceremonial start of the day's trading, while a person familiar with the selection confirmed that Trump had been selected as Time's Person of the Year. Supreme Court allows investors' class action to proceed against microchip company Nvidia WASHINGTON (AP) — The Supreme Court is allowing a class-action lawsuit that accuses Nvidia of misleading investors about its past dependence on selling computer chips for the mining of volatile cryptocurrency to proceed. The court’s decision Wednesday comes the same week that China said it is investigating the the microchip company over suspected violations of Chinese anti-monopoly laws. The justices heard arguments four weeks ago in Nvidia’s bid to shut down the lawsuit, then decided that they were wrong to take up the case in the first place. They dismissed the company’s appeal, leaving in place an appellate ruling allowing the case to go forward. Apple's latest iPhones get the gift of more AI as holiday shopping season heats up SAN FRANCISCO (AP) — Apple is pumping more artificial intelligence into the latest iPhones during the holiday shopping season. It comes in the form of a free software update that includes a feature that enables users to create customized emojis within a matter of seconds. The Wednesday release of the iPhone’s upgraded operating system extends Apple’s expansion into AI months after rivals such as Samsung and Google began implanting the revolutionary on their devices. The update builds upon another one that came out in late October. The latest round of AI tricks includes “Genmojis,” Apple’s description of emojis that iPhone users will be able to ask the technology to create and then share. EU targets Russia's ghost fleet shipping oil in a new round of sanctions BRUSSELS (AP) — European Union envoys have agreed a new raft of sanctions against Russia over its war on Ukraine. The EU's Hungarian presidency said Wednesday that the measures will target in particular a vast shadow fleet of ships that Moscow is exploiting to skirt restrictions on transporting oil and fuel. The sanctions are aimed at about 50 of what are routinely decrepit ships. The sanctions will hit more officials and entities alleged to be helping Russia to improve its military technology by evading export restrictions. EU foreign ministers are set to formally adopt the sanctions package on Monday. Can ordinary citizens solve our toughest problems? BEND, OREGON (AP) — Research shows Americans are frustrated with what they perceive as aloofness and gridlock within civic institutions. Citizen assemblies may be able to help. The groups which have direct involvement in decision-making can help “overcome polarization and strengthen societal cohesion,” says Claudia Chwalisz, founder of DemocracyNext. Her nonprofit, launched in Paris in 2022, champions such assemblies worldwide, hoping they can “create the democratic spaces for everyday people to grapple with the complexity of policy issues, listen to one another, and find common ground.” In Europe, examples of such changes abound. In the United States, results are spottier. Making a $1B investment in the US? Trump pledges expedited permits — but there are hurdles WASHINGTON (AP) — President-elect Donald Trump is promising expedited federal permits for energy projects and other construction worth more than $1 billion. But like other Trump plans, the idea is likely to run into regulatory and legislative hurdles, including a landmark law that requires federal agencies to consider the environmental impact before deciding on major projects. Environmental groups called the plan a clear violation of the National Environmental Policy Act. The chief policy advocacy officer at the Natural Resources Defense Council says Trump should be careful what he wishes for. She said, "What if someone wants to build a waste incinerator next to Mar-a-Lago or a coal mine next to Bedminster golf course?”The arrival of the Internet thanks to Starlink has transformed social networks and media communication, after announcing that they will soon start offering the Direct to Cell service. This service will allow users to have data connection anywhere in the world, without the need to acquire an antenna and a router. PUBLICIDAD Innovation attracted millions of users to the service. Therefore, it is time to carefully examine whether the internet access provided by Starlink surpasses, equals, or is inferior in quality to the one provided by traditional fiber optic cable. PUBLICIDAD In this article, we will address the topics of speeds, latencies, and accessibility of each of the Internet alternatives. The purpose is for each person to be able to make the most appropriate decision regarding the choice of a data connection plan, whether it be short, medium, or long term. Which internet is better? The direct answer to this question is that, undoubtedly, fiber optic cable internet is superior . This does not mean it is the ideal option for all users, and we will explain the reasons why. Internet through fiber optic cable can reach, and even surpass, speeds of 1,000 Mbps (1Gbps). This figure is considerably higher than the 50-250 Mbps (0.050 - 0.250) offered by Elon Musk's Starlink service. Additionally, the latency of Starlink is significantly higher compared to that of fiber optic internet. If you usually play online or participate frequently in video calls for studying, working, or enjoying entertainment, it is not advisable to rely on the service provided by Elon Musk's company. In these situations, traditional connection is clearly superior. In addition to all this, we must consider that the costs of Starlink, which include both the installation equipment and the monthly fee, are double and sometimes even triple compared to the services of traditional telecommunications operators. Is it a bad idea to hire Starlink? At this point, it is likely that our readers are considering this question. And the truth is that is not the suggestion. It is known that Starlink is focusing on optimizing its speed and connection levels. The company provides something unique that no other telecommunications company can achieve: the ability to connect with any site in the world, no matter how far away it is. There are areas in the world where fiber optic cabling has not been installed, as the implementation of the service requires a complex installation. There is no need to envision a deprived community in a rural area of Africa. This recently happened in the Metropolitan Region of Santiago, Chile, where the projects of a telecommunications company did not reach the outskirts of the city, as they did not yet have the necessary wiring to provide the service. In such situations, Starlink is both the best and the only available alternative. Furthermore, the service installation does not require the intervention of an electronics or telecommunications specialist: Elon Musk’s company provides the antenna to install on the roof and the router to connect in the house.
NoneOTTAWA -- Carter George is heading to the World Junior Hockey Championship The 18-year-old goaltender from Thunder Bay has been named to Canada's national under-20 team for this year's tournament, which begins on Boxing Day in Ottawa. George, who plays in the Ontario Hockey League for the Owen Sound Attack, officially made the squad on Friday afternoon following the conclusion of Hockey Canada's selection camp. The Los Angeles Kings prospect one of three goaltenders on the roster . The other two are Carson Bjarnason of the Western Hockey League's Brandon Wheat Kings and Jack Ivankovic of the Ontario Hockey League's Brampton Steelheads. Bjarnason is a signed prospect of the Philadelphia Flyers and Ivankovic is eligible to be selected at the 2026 National Hockey League draft. George is the first player from Thunder Bay to play for Canada at the World Juniors since goaltender Mackenzie Blackwood in 2016. This marks the third time that George has represented his country on the international stage. He won a gold medal at the 2023 Hlinka Gretzky Cup and the 2024 World Under-18 Hockey Championship. Canada's first action will be during a pre-tournament game against Switzerland on Dec. 19 in Ottawa. They also have exhibition contests with Sweden and Czechia on Dec. 21 and 23 respectively. The team's first round-robin matchup is against Finland on Boxing Day.
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Saudi Arabia banned film for 35 years. The Red Sea festival is just one sign of the industry's rise JEDDAH, Saudi Arabia (AP) — “My Driver and I” was supposed to be made in 2016, but was scuttled amid Saudi Arabia's decades-long cinema ban. Baraa Anwer, The Associated Press Dec 13, 2024 2:40 PM Dec 13, 2024 2:50 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message A view of the Red Sea International Film Festival banner displayed in Jeddah, Saudi Arabia, Thursday, Dec. 5, 2024. (AP Photo/Baraa Anwer) JEDDAH, Saudi Arabia (AP) — “My Driver and I” was supposed to be made in 2016, but was scuttled amid Saudi Arabia's decades-long cinema ban. Eight years later, the landscape for film in the kingdom looks much different — and the star of “My Driver and I” now has an award. Roula Dakheelallah was named the winner of the Chopard Emerging Saudi Talent award at the Red Sea International Film Festival on Thursday. The award — and the glitzy festival itself — is a sign of Saudi Arabia's commitment to shaping a new film industry. “My heart is attached to cinema and art; I have always dreamed of a moment like this,” Dakheelallah, who still works a 9-5 job, told The Associated Press before the awards ceremony. “I used to work in voluntary films and help my friends in the field, but this is my first big role in a film.” The reopening of cinemas in 2018 marked a cultural turning point for Saudi Arabia, an absolute monarchy that had instituted the ban 35 years before, under the influence of ultraconservative religious authorities. It has since invested heavily in a native film industry by building theaters and launching programs to support local filmmakers through grants and training. The Red Sea International Film Festival was launched just a year later, part of an attempt to expand Saudi influence into films, gaming, sports and other cultural fields. Activists have decried the investments as whitewashing the kingdom’s human rights record as it tightly controls speech and remains one of the world’s top executioners. With FIFA awarding the 2034 World Cup to Saudi Arabia this week, Lina al-Hathloul, a Saudi activist with the London-based rights group ALQST, said Crown Prince Mohammad bin Salman “has really managed to create this bubble where people only see entertainment and they don’t see the reality on the ground.” These efforts are part of Vision 2030, an ambitious reform plan unveiled in 2016 to ease the economy's dependence on oil. As part of it, Saudi Arabia plans to construct 350 cinemas with over 2,500 movie screens — by this past April, across 22 cities, it already had 66 cinemas showing movies from the local film industry, as well as Hollywood and Bollywood. (The Red Sea International Film Festival attracts a host of talent from the latter industries, with Viola Davis and Priyanka Chopra Jonas also picking up awards Thursday.) The country's General Entertainment Authority last month opened Al Hisn Studios on the outskirts of Riyadh. As one of the largest such production hubs in the Middle East, it not only includes several film studios but also a production village with workshops for carpentry, blacksmithing and fashion tailoring. “These facilities, when they exist, will stimulate filmmakers,” said Saudi actor Mohammed Elshehri. “Today, no writer or director has an excuse to imagine and say, ‘I cannot implement my imagination.’” The facilities are one part of the equation — the content itself is another. One of the major players in transforming Saudi filmmaking has been Telfaz11, a media company founded in 2011 that began as a YouTube channel and quickly became a trailblazer. Producing high-quality digital content such as short films, comedy sketches and series, Telfaz11 offered fresh perspectives on Saudi and regional issues. In 2020, Telfaz11 signed a partnership with Netflix to produce original content for the streaming giant. The result has been movies that demonstrate an evolution on the storytelling level, tackling topics that were once off-limits and sensitive to the public like secret nightlife in “Mandoob” (“Night Courier”) and changing social norms in “Naga.” “I think we tell our stories in a very simple way, and that’s what reaches the world,” Elshehri says of the changing shift. “When you tell your story in a natural way without any affectation, it will reach every person.” But the films were not without their critics, drawing mixed reaction. Social media discoursed ranged from pleasure that Saudi film were tackling such topics to anger over how the films reflected conservative society. As Hana Al-Omair, a Saudi writer and director, points out, there are still many stories left untold. “We certainly have a long time ahead of us before we can tell the Saudi narrative as it should be,” she said, acknowledging that there are still barriers and rampant censorship. “The Goat Life,” a Malayalam-language movie about an Indian man forced to work without pay in Saudi Arabia, is not available on Netflix's platform in the country. Movies that explore political topics or LGBTQ+ stories are essentially out of the question. Even “My Driver and I,” featured at the Red Sea festival alongside 11 other Saudi feature-length films, was initially too controversial. It centers on a Sudanese man in Jeddah, living away from his own daughter, who feels responsible for the girl he drives as her parents are absent. It was initially blocked from being made because of the relationship between the girl and the driver, filmmaker Ahd Kamel has said, even though it's not a romantic relationship. Now in 2024, the film is a success story — a symbol of the Saudi film industry's evolution as well as the growing role of women like Kamel behind the camera and Dakheelallah in front of it. “I see the change in Saudi cinema, a very beautiful change and it is moving at a wonderful speed. In my opinion, we do not need to rush,” Dakheelallah said. “We need to guide the truth of the artistic movement that is happening in Saudi Arabia.” Baraa Anwer, The Associated Press See a typo/mistake? Have a story/tip? This has been shared 0 times 0 Shares Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message More Entertainment News How to write a holiday rom-com for TV, according to the experts Dec 13, 2024 3:16 PM Saudi Arabia banned film for 35 years. The Red Sea festival is just one sign of the industry's rise Dec 13, 2024 2:53 PM Unique among 'Person of the Year' designees, Donald Trump gets a fact-check from Time magazine Dec 13, 2024 2:46 PM Featured FlyerAfter-hours movers: HPE, lululemon, Ulta Beauty, Docusign and more
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--Dec 3, 2024-- Torrid Holdings Inc. (“Torrid” or the “Company”) (NYSE: CURV), a direct-to-consumer apparel, intimates, and accessories brand in North America for women sizes 10 to 30, today announced its financial results for the quarter ended November 2, 2024. Lisa Harper, Chief Executive Officer of Torrid, stated, “Our third quarter results were below our expectations as our fall assortments did not offer enough newness and novelty. We also saw the environment change meaningfully from the end of September and into October. Despite the weaker top line sales, we delivered a positive full-price comp, 285 basis points of gross profit expansion, and modest Adjusted EBITDA (1) growth. We ended the quarter with clean inventory levels, down 19% to last year, and $44 million in cash.” Ms. Harper continued, “While we are encouraged by our customers’ response to the newness in our assortments, given the volatility we have seen in our business, and recognizing that there is still considerable amount of the quarter ahead of us, we are taking a prudent approach to our fourth quarter outlook. As we move into fiscal 2025, we are confident that we have put in place the necessary changes and strategies to position us for growth.” Number of stores (as of end of period) 655 643 Comparable sales (A) (7 )% (8 )% Net loss $ (1,194 ) $ (2,748 ) Adjusted EBITDA (B) $ 19,584 $ 19,379 (A) Comparable sales (2) for the three-month period ended November 2, 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. (B) Please refer to “Non-GAAP Reconciliation” below for a reconciliation of net loss to Adjusted EBITDA (1). at the end of the third quarter of 2024 totaled $44.0 million. Total liquidity at the end of the quarter, including available borrowing capacity under our revolving credit agreement, was $151.8 million. for the nine-month period ended November 2, 2024, was $65.4 million, compared to $33.7 million for the nine-month period ended October 28, 2023. The above outlook is based on several assumptions, including, but not limited to, the macroeconomic challenges in the industry in fiscal 2024 as well as higher labor costs. The above outlook does not take into consideration the Consumer Financial Protection Bureau ruling which mandates, among other things, decreases in credit card late fees, and could alter the profitability of our agreements with our private label credit card financing company. See “Forward-Looking Statements” for additional information. A conference call to discuss the Company’s third quarter 2024 results is scheduled for December 3, 2024, at 4:30 p.m. ET. Those who wish to participate in the call may do so by dialing (877) 407-9208 or (201) 493-6784 for international callers. The conference call will also be webcast live at . For those unable to participate, a replay of the conference call will be available approximately three hours after the conclusion of the call until December 10, 2024. Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for additional information on non-GAAP financial measures and the accompanying table for a reconciliation to the most comparable GAAP measure. The Company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA to the most directly comparable forward-looking GAAP measure because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. Comparable sales for any given period are defined as the sales of our e-Commerce operations and stores that we have included in our comparable sales base during that period. We include a store in our comparable sales base after it has been open for 15 full fiscal months. If a store is closed during a fiscal year, it is only included in the computation of comparable sales for the full fiscal months in which it was open. Comparable sales for the third quarter of fiscal year 2024 compares sales for the 13-week period ended November 2, 2024, with sales for the 13-week period ended November 4, 2023. Partial fiscal months are excluded from the computation of comparable sales. We apply current year foreign currency exchange rates to both current year and prior year comparable sales to remove the impact of foreign currency fluctuation and achieve a consistent basis for comparison. Comparable sales allow us to evaluate how our unified commerce business is performing exclusive of the effects of non-comparable sales and new store openings. TORRID is a direct-to-consumer brand in North America dedicated to offering a diverse assortment of stylish apparel, intimates, and accessories skillfully designed for curvy women. Specializing in sizes 10 to 30, TORRID’s primary focus is on providing fashionable, comfortable, and affordable options that meet the unique needs of its customers. TORRID’s extensive collection features high quality merchandise, including tops, bottoms, denim, dresses, intimates, activewear, footwear, and accessories. Revenues are generated primarily through its e-Commerce platform and its stores in the United States of America, Puerto Rico and Canada. In addition to results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), management utilizes certain non-GAAP performance measures, such as Adjusted EBITDA, for purposes of evaluating ongoing operations and for internal planning and forecasting purposes. We believe that these non-GAAP operating measures, when reviewed collectively with our GAAP financial information, provide useful supplemental information to investors in assessing our operating performance. Adjusted EBITDA is a supplemental measure of our operating performance that is neither required by, nor presented in accordance with, GAAP and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA represents GAAP net income (loss) plus interest expense less interest income, net of other expense (income), plus provision for income taxes, depreciation and amortization (“EBITDA”), and share-based compensation, non-cash deductions and charges, and other expenses We believe Adjusted EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to ongoing operating performance. We also use Adjusted EBITDA as one of the primary methods for planning and forecasting the overall expected performance of our business and for evaluating on a quarterly and annual basis, actual results against such expectations. Further, we recognize Adjusted EBITDA as a commonly used measure in determining business value and, as such, use it internally to report and analyze our results and as a benchmark to determine certain non-equity incentive payments made to executives. Adjusted EBITDA has limitations as an analytical tool. This measure is not a measurement of our financial performance under GAAP and should not be considered in isolation or as an alternative to or substitute for net income (loss), income (loss) from operations, earnings (loss) per share or any other performance measures determined in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Certain statements made in this earnings release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this earnings release are forward-looking statements. Forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those that we expected, including: • the adverse impact of rulemaking changes implemented by the Consumer Financial Protection Bureau on our income streams, profitability and results of operations; • changes in consumer spending and general economic conditions; • the negative impact on interest expense as a result of steep interest rates; • inflationary pressures with respect to labor and raw materials and global supply chain constraints that could increase our expenses; • our ability to identify and respond to new and changing product trends, customer preferences and other related factors; • our dependence on a strong brand image; • increased competition from other brands and retailers; • our reliance on third parties to drive traffic to our website; • the success of the shopping centers in which our stores are located; • our ability to adapt to consumer shopping preferences and develop and maintain a relevant and reliable omni-channel experience for our customers; • our dependence upon independent third parties for the manufacture of all of our merchandise; • availability constraints and price volatility in the raw materials used to manufacture our products; • interruptions of the flow of our merchandise from international manufacturers causing disruptions in our supply chain; • our sourcing a significant amount of our products from China; • shortages of inventory, delayed shipments to our e-Commerce customers and harm to our reputation due to difficulties or shut-down of our distribution facility; • our reliance upon independent third-party transportation providers for substantially all of our product shipments; • our growth strategy; • our failure to attract and retain employees that reflect our brand image, embody our culture and possess the appropriate skill set; • damage to our reputation arising from our use of social media, email and text messages; • our reliance on third-parties for the provision of certain services, including real estate management; • our dependence upon key members of our executive management team; • our reliance on information systems; • system security risk issues that could disrupt our internal operations or information technology services; • unauthorized disclosure of sensitive or confidential information, whether through a breach of our computer system, third-party computer systems we rely on, or otherwise; • our failure to comply with federal and state laws and regulations and industry standards relating to privacy, data protection, advertising and consumer protection; • payment-related risks that could increase our operating costs or subject us to potential liability; • claims made against us resulting in litigation; • changes in laws and regulations applicable to our business; • regulatory actions or recalls arising from issues with product safety; • our inability to protect our trademarks or other intellectual property rights; • our substantial indebtedness and lease obligations; • restrictions imposed by our indebtedness on our current and future operations; • changes in tax laws or regulations or in our operations that may impact our effective tax rate; • the possibility that we may recognize impairments of long-lived assets; • our failure to maintain adequate internal control over financial reporting; and • the threat of war, terrorism or other catastrophes, including natural disasters, that could negatively impact our business. The outcome of the events described in any of our forward-looking statements are also subject to risks, uncertainties and other factors described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on April 2, 2024 and in our other filings with the SEC and public communications. You should evaluate all forward-looking statements made in this earnings release in the context of these risks and uncertainties. We caution you that the important factors referenced above may not include all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the outcomes or affect us or our operations in the way we expect. The forward-looking statements included in this earnings release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise except to the extent required by law. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. Investors and others should note that we may announce material information to our investors using our investor relations website ( ), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media, to communicate with our investors and the public about our company, our business and other issues. It is possible that the information that we post on social media could be deemed to be material information. We therefore encourage investors to visit these websites from time to time. The information contained on such websites and social media posts is not incorporated by reference into this filing. Further, our references to website URLs in this filing are intended to be inactive textual references only. Net sales $ 263,766 $ 275,408 Cost of goods sold 168,609 183,906 Gross profit 95,157 91,502 Selling, general and administrative expenses 74,899 71,881 Marketing expenses 13,056 12,739 Income from operations 7,202 6,882 Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Loss before benefit from income taxes (1,220 ) (3,142 ) Benefit from income taxes (26 ) (394 ) Net loss $ (1,194 ) $ (2,748 ) Net loss $ (1,194 ) $ (2,748 ) Other comprehensive loss: Foreign currency translation adjustment (86 ) (271 ) Total other comprehensive loss (86 ) (271 ) Comprehensive loss $ (1,280 ) $ (3,019 ) Basic $ (0.01 ) $ (0.03 ) Diluted $ (0.01 ) $ (0.03 ) Basic 104,698 104,081 Diluted 104,698 104,081 Current assets: Cash and cash equivalents $ 43,953 $ 11,735 Restricted cash 399 399 Inventory 138,261 142,199 Prepaid expenses and other current assets 33,343 22,229 Prepaid income taxes 6,617 2,561 Total current assets 222,573 179,123 Property and equipment, net 85,569 103,516 Operating lease right-of-use assets 149,732 162,444 Deposits and other noncurrent assets 18,027 14,783 Deferred tax assets 8,681 8,681 Intangible asset 8,400 8,400 Total assets $ 492,982 $ 476,947 Current liabilities: Accounts payable $ 77,478 $ 46,183 Accrued and other current liabilities 116,650 107,750 Operating lease liabilities 36,312 42,760 Borrowings under credit facility — 7,270 Current portion of term loan 16,144 16,144 Due to related parties 4,330 9,329 Income taxes payable 62 2,671 Total current liabilities 250,976 232,107 Noncurrent operating lease liabilities 145,126 155,825 Term loan 276,445 288,553 Deferred compensation 3,735 5,474 Other noncurrent liabilities 5,986 6,705 Total liabilities 682,268 688,664 Commitments and contingencies Preferred shares: $0.01 par value; 5,000,000 shares authorized; zero shares issued and outstanding at November 2, 2024 and February 3, 2024 — — Common shares: $0.01 par value; 1,000,000,000 shares authorized; 104,732,148 shares issued and outstanding at November 2, 2024; 104,204,554 shares issued and outstanding at February 3, 2024 1,049 1,043 Additional paid-in capital 138,532 135,140 Accumulated deficit (328,281 ) (347,587 ) Accumulated other comprehensive loss (586 ) (313 ) Total stockholders' deficit (189,286 ) (211,717 ) Total liabilities and stockholders' deficit $ 492,982 $ 476,947 Net income $ 19,306 $ 15,689 Adjustments to reconcile net income to net cash provided by operating activities: Write down of inventory 1,519 3,767 Operating right-of-use assets amortization 30,429 30,494 Depreciation and other amortization 27,842 28,242 Share-based compensation 4,531 5,981 Other (957 ) (1,351 ) Changes in operating assets and liabilities: Inventory 2,052 4,969 Prepaid expenses and other current assets (11,114 ) (4,578 ) Prepaid income taxes (4,056 ) (2,564 ) Deposits and other noncurrent assets (3,375 ) (6,433 ) Accounts payable 31,876 2,969 Accrued and other current liabilities 10,775 (5,954 ) Operating lease liabilities (33,527 ) (31,565 ) Other noncurrent liabilities (588 ) (468 ) Deferred compensation (1,739 ) 507 Due to related parties (4,999 ) (5,975 ) Income taxes payable (2,609 ) — Net cash provided by operating activities 65,366 33,730 Purchases of property and equipment (12,617 ) (15,228 ) Net cash used in investing activities (12,617 ) (15,228 ) Proceeds from revolving credit facility 62,780 455,110 Principal payments on revolving credit facility (70,050 ) (458,390 ) Principal payments on term loan (13,125 ) (13,125 ) Proceeds from issuances under share-based compensation plans 704 320 Withholding tax payments related to vesting of restricted stock units and awards (675 ) (249 ) Net cash used in financing activities (20,366 ) (16,334 ) Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash (165 ) (141 ) Increase in cash, cash equivalents and restricted cash 32,218 2,027 Cash, cash equivalents and restricted cash at beginning of period 12,134 13,935 Cash, cash equivalents and restricted cash at end of period $ 44,352 $ 15,962 Cash paid during the period for interest related to the revolving credit facility and term loan $ 27,080 $ 24,852 Cash paid during the period for income taxes $ 14,200 $ 10,976 Property and equipment purchases included in accounts payable and accrued liabilities $ 1,450 $ 3,360 Net loss $ (1,194 ) $ (2,748 ) Interest expense 8,784 9,757 Other income, net of other expense (362 ) 267 Benefit from income taxes (26 ) (394 ) Depreciation and amortization (A) 8,523 8,785 Share-based compensation (B) 685 1,585 Non-cash deductions and charges (C) 112 409 Other expenses (D) 3,062 1,718 Adjusted EBITDA $ 19,584 $ 19,379 (A) Depreciation and amortization excludes amortization of debt issuance costs and original issue discount that are reflected in interest expense. (B) During the three months ended November 2, 2024 and October 28, 2023, share-based compensation includes $(0.3) million and $0.1 million, respectively, for awards that will be settled in cash as they are accounted for as share-based compensation in accordance with ASC 718, , similar to awards settled in shares. (C) Non-cash deductions and charges includes non-cash losses on property and equipment disposals and the net impact of non-cash rent expense. (D) Other expenses include certain transaction and litigation fees (including certain settlement costs) and severance costs for certain key management positions. View source version on : CONTACT: Investors Lyn Walther Media Joele Frank, Wilkinson Brimmer Katcher Michael Freitag / Arielle Rothstein / Lyle Weston KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: RETAIL ONLINE RETAIL DEPARTMENT STORES FASHION SOURCE: Torrid Holdings Inc. Copyright Business Wire 2024. 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